Over the 5 year period I'm paying over # 18k in total, thats # 7k interest, which is over half the value of the initial loan (money.stackexchange.com)
If you do need a small short - term loan, research the lender carefully and never borrow more than you can pay off in your initial loan period. (badcredit.org)
ARM loans follow the markets, so the borrower has an advantage when the loan rates fall multiple times after the initial loan period. (mortgagecalculator.biz)